Clinical-stage biopharmaceutical company Attovia Therapeutics has filed for an initial public offering with the goal of raising up to $100 million.
The firm plans to list on the Nasdaq exchange under the ticker symbol "ATTO".
Attovia is utilizing its proprietary ATTOBODY platform to develop biologic treatments for immune-mediated diseases.
This platform is based on a bispecific nanobody technology licensed from Alamar Biosciences Inc (NASDAQ: ALMR), a medical device manufacturer focused on disease detection using protein biomarkers, which completed its own public offering in April.
Since raising $220 million in its IPO, Alamar's share price has risen nearly 60%.
Alamar established Attovia as an independent entity in 2023 to allow itself to concentrate on its proteomics and disease detection operations, and it remains a significant shareholder in Attovia.
The company's lead candidate, ATTO-1310, targets interleukin-31 (IL-31) and has completed dosing in a Phase 1 clinical trial involving healthy volunteers and patients with chronic pruritus and atopic dermatitis.
A second candidate, ATTO-2306, is a bispecific antibody targeting both IL-13 and IL-31 for the treatment of atopic dermatitis and related skin conditions.
This drug is currently in studies supporting an investigational new drug application, with a Phase 1 trial planned for the first half of 2027.
A third candidate, ATTO-1091, is a trispecific antibody targeting TL1A, IL-23, and integrin α4β7 for the treatment of inflammatory bowel disease, and is also in the IND-enabling preparation stage.
To date, the company has no commercialized products and has not generated any revenue from product sales.
For the three months ended March 31, the company reported a net loss of $18.7 million, compared to a net loss of $15.2 million in the same period a year earlier.
The proposed IPO is intended to fund the development of its pipeline of therapies for immune-mediated diseases.
Since its inception, Attovia has raised a total of $255.8 million from investors including specialized life sciences investment firms and existing major shareholders such as Deep Track Capital, Frazier Life Sciences, Goldman Sachs Group Inc (NYSE: GS), and venBio.
Biotechnology IPOs have been one of the strongest-performing segments of the new issue market this year.
For instance, Veradermics Inc (NASDAQ: MANE), which focuses on androgenetic alopecia treatment, has seen its stock price surge more than 500% since its market debut in early February.
Similarly, Hemab Therapeutics ApS (NASDAQ: COAG), a company developing treatments for blood disorders, has seen its share price rise 141% since its IPO in early May.
Comments